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-- Posted Wednesday, 17 January 2007 | Digg This Article | Source: GoldSeek.com

Rick’s Picks

Wednesday, January 17, 2007

“Phenomenally accurate forecasts” 

For once, a winter storm appears to have missed Colorado. There’s still plenty of snow on the ground here in Boulder, but not much on the roads, and the ice storm that has blanketed about a third of the U.S., from Texas to New England, is wreaking most of its destruction well to the south and east of this snow-weary region. Imagine waking up to icicles as far south as San Antonio. Or dealing with San Francisco’s hilly streets when they’re even a little bit slick. So much for global warming. The freakish cold snap, now in its fifth straight day, looks like it’s going to destroy at last half of California’s citrus crop.

One thing the cold weather did not do was reverse the relentless slide of crude oil quotes. I’m still projecting a low of 45.32 for the February contract, and yesterday’s price action did nothing to alter the forecast. Even so, we can try bottom-fishing with relatively little risk as it continues to fall. The nearest Hidden Pivot support lies at 50.86, and I’ve provided detailed instructions for leveraging it in Wednesday’s Touts. Actually, this one’s for the night owls, since the support will likely work best if its kissed in the wee hours. If it fails, though, the next spot where we might look for a turn is at 50.29, another minor Hidden Pivot.  Please note as well that a 51.44 print would abort the trade, while a rally touching 51.70 would hint of a resurgent bull, at least for the near term.  

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London Seminar

A Hidden Pivot seminar in London appears likely, judging from the strong initial response.  If you’re interested in attending a two-day class there, probably sometime in the spring of 2007, please let me know via e-mail, including your contact information. The cost would be $1,500 USD.

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Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers’ initials will be used unless express written permission has been granted to the contrary. All Contents © 2006, Rick Ackerman. All Rights Reserved. www.rickackerman.com 

-- Posted Wednesday, 17 January 2007 | Digg This Article | Source: GoldSeek.com

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